"He could have got me a VCR, he could have got me a baseball, but he has to get me the Woman Repeller--the eyesore from the Liberace house of crap!"
This statement is overheard by Joey and he is upset. Then Chandler feels awful, but on top of that accidentally lost the bracelet and tries to beg for forgiveness for saying awful things about it....
"I am here on my knees, holding up these couch cushions as a symbol of my sorrow and regret. Much like I did in biblical times…. You may haveth anger now!!"
Chandler ends up buying another bracelet to replace it to prevent Joey from finding out. Gunther at the coffee shop, Central Perk, ends up having the bracelet in the first place. So, Chandler just gives the second bracelet to Joey so that they can be "Bracelet Buddies"